Shares of some of the UK’s biggest housebuilders plummeted at the start of last week as the Prime Minister announced an increased property tax on overseas buyers.

Travis Perkins said it does not believe this will have a noticeable impact on its profits, as housebuilders in London represent just a small part of its overall customer base.

Shares in Taylor Wimpsey, Barratt Developments, and Berkeley Group all dropped, with the latter leading the fallers with a 3.5% drop on Tuesday 4 October.

At the Conservative Party Conference on Sunday, Theresa May proposed a surcharge of 1% or 3% n top of stamp duty for foreign buyers of UK houses.

This is in a bid to stop them from driving up UK house prices, and May said the proceeds would be used to attempt to combat rough sleeping.